English, Article, Journal or magazine article edition: Exchange rate pass-through into import prices: A macro or micro phenomenon? Campa José Manuel; Campa, Jose M.; Goldberg, Linda S.

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Bookmark: http://trove.nla.gov.au/version/170614
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Exchange rate pass-through into import prices: A macro or micro phenomenon?
Author
  • Campa José Manuel
  • Campa, Jose M.
  • Goldberg, Linda S.
Physical Description
  • preprint
Notes
  • Îïòèìàëüíîñòü ðåæèìà îáìåííîãî êóðñà, ðàâíî êàê è ýôôåêòèâíîñòü ìîíåòàðíîé ïîëèòèêè, çàâèñèò îò òåñíîòû ñâÿçè ìåæäó êîëåáàíèÿìè âàëþòíîãî êóðñà è öåíàìè èìïîðòà.  ëèòåðàòóðå ÷àñòî ðàññìàòðèâàþòñÿ ñëåäóþùèå âîïðîñû: êàêîé ìåõàíèçì ôîðìèðîâàíèÿ öåí èìïîðòà ïðåâàëèðóåò - â âàëþòå ñòðàíû-ïðîèçâîäèòåëÿ (PCP - producer-currency pricing) èëè â âàëþòå ïîòðåáèòåëåé (LCP - local-currency pricing); ÿâëÿåòñÿ ëè ýôôåêò ïåðåíîñà èçìåíåíèé êóðñà íà öåíû òîâàðîâ (exchange rate pass-through) ýíäîãåííûì ïî îòíîøåíèþ ê ìàêðîýêîíîìè÷åñêèì óñëîâèÿì.  ñòàòüå äåëàåòñÿ ïîïûòêà îòâåòèòü íà ýòè âîïðîñû ïóòåì ýìïèðè÷åñêîé ïðîâåðêè íà ìåæñòðàíîâûõ äàííûõ è äàííûõ âðåìåííûõ ðÿäîâ äâàäöàòè ïÿòè ñòðàí ÎÝÑÐ. Àíàëèç âûÿâèë íàëè÷èå ÷àñòè÷íîãî ýôôåêòà pass-through.  äîëãîñðî÷íîì ïåðèîäå ìåõàíèçì PCP ÿâëÿåòñÿ áîëåå ðàñïðîñòðàíåííûì äëÿ áîëüøåé ÷àñòè èìïîðòíûõ òîâàðîâ.  ðàáîòå òàêæå ïîêàçàíî, ÷òî áîëåå âûñîêàÿ èíôëÿöèÿ è âîëàòèëüíîñòü îáìåííîãî êóðñà íå ÿâëÿþòñÿ îñíîâíûìè ôàêòîðàìè óñèëåíèÿ ýôôåêòà pass-through. Òàêèì ôàêòîðàìè ÿâëÿþòñÿ ìèêðîýêîíîìè÷åñêàÿ ñðåäà è ñòðóêòóðà èìïîðòà.
  • ýôôåêòèâíîñòü; âíóòðåííèé ðûíîê; pass-through; ìîíåòàðíàÿ ïîëèòèêà; âàëþòíûé êóðñ; exchange rate
  • RePEc:rus:hseeco:122794
  • Exchange rate regime optimality,as well as monetary policy effectiveness,depends on the tightness of the link between exchange rate movements and import prices.Recent debates hinge on whether producer-currency pricing (PCP)or local-currency pricing (LCP) of imports is more prevalent,and on whether exchange rate pass-through rates are endogenous to a country 's macroeconomic conditions.We provide cross-country and time series evidence on both of these issues for the imports of twenty-five OECD countries. Across the OECD,and especially within manufacturing industries,there is compelling evidence of partial pass-through in the short-run ­ rejecting both PCP and LCP. Over the long run,PCP is more prevalent for many types of imported goods.Higher inflation and exchange rate volatility are weakly associated with higher pass-through of exchange rates into import prices. However, for OECD countries,the most important determinants of changes in pass-through over time are microeconomic and relate to the industry composition of a country 's import bundle.
  • Producer currency pricing; imports; monetary policy
  • RePEc:ebg:iesewp:d-0475
Language
  • English
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